David A Pepper Form 4 CHOICE HOTELS INTERNATIONAL / David A Pepper ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Pepper David A

(Last) (First) (Middle)

1 CHOICE HOTELS CIRCLE

(Street)

ROCKVILLE MD 20850

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CHOICE HOTELS INTERNATIONAL INC /DE [ CHH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Chief Development Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/22/2021

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	02/22/2021		M		10,516	A	$63.47	102,910.55	D
Common Stock	02/22/2021		S		7,326	D	$113.49(1)	95,584.55	D
Common Stock	02/22/2021		S		3,190	D	$112.01(2)	92,394.55	D
Common Stock	02/22/2021		M		2,205	A	$63.47	94,599.55	D
Common Stock	02/22/2021		M		1,942	A	$51.49	96,541.55	D
Common Stock	02/22/2021		F		2,177	D	$110.15	94,364.55	D
Common Stock	02/23/2021		M		7,457	A	$63.47	101,821.55	D
Common Stock	02/23/2021		S		7,457	D	$110.1(3)	94,364.55	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option	$63.47	02/22/2021		M			10,516	(4)	02/27/2022	Common Stock	10,516	$0.00	7,457	D
Employee Stock Option	$63.47	02/22/2021		M			2,205	(4)	02/27/2022	Common Stock	2,205	$0.00	0	D
Employee Stock Option	$51.49	02/22/2021		M			1,942	(5)	02/26/2023	Common Stock	1,942	$0.00	0	D
Employee Stock Option	$63.47	02/23/2021		M			7,457	(4)	02/27/2022	Common Stock	7,457	$0.00	0	D

Explanation of Responses:

1. Average price reflects a series of transactions between $112.51 and $114.29.

2. Average price reflects a series of transactions between $111.78 and $112.20.

3. Average price reflects a series of transactions between $110.00 and $110.35.

4. Options vested in four equal annual installments beginning on the first anniversary of the February 27, 2015 grant date.

5. Options vested in four equal annual installments beginning on the first anniversary of the February 26, 2016 grant date.

Remarks:

	Emanuel Strauss, Attorney In Fact	02/23/2021
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.